Guyana and Suriname could supply 12 million metric tonnes of liquefied natural gas annually, at a competitive price, by the next decade, according to a report by Wood Mackenzie on Monday that was reported on Reuters.

LNG demand is expected to spike by the end of the decade as industries switch from highly polluting coal to gas, which can cut greenhouse gas emissions by as much as half.

Guyana and its neighbour Suriname have emerged as hotbeds for oil and gas exploration, with energy majors such as Exxon Mobil, and TotalEnergies, committing billions of dollars for new projects.

Suriname’s offshore Block 52 and Guyana’s offshore Haimara cluster are estimated to hold 13 trillion cubic feet (tcf) of discovered non-associated gas, according to the report by the commodities research group.

Non-associated gas refers to natural gas sourced from a conventional gas field which has no crude oil or has such minimal amounts that it cannot be economically extracted.

The sources could deliver the potential LNG at a break-even cost of $6 per million British thermal unit, Wood Mackenzie analysts said.

The new gas projects could provide supplies at a time when the global market still needs 105 million metric tonnes per annum of LNG to fill the gap between supply and demand by 2035, the report added.

“US and Qatar LNG dominance is rapidly growing, but there is a supply window in the mid-2030s coming in part from US President Biden’s pause on approving new LNG export projects,” said Amanda Bandeira, a research analyst at Wood Mackenzie.